Daily Archives: June 16, 2022

Metaverse Project GensoKishi Online Holds 2nd NFT Auction – Press release Bitcoin News

Metaverse Project GensoKishi Online Holds 2nd NFT Auction – Press release Bitcoin News

press release

PRESS RELEASE. GensoKishi, a new fantasy world economy with blockchain technology by incorporating elements of NFT and GameFi on the Metaverse is pleased to announce its 2nd commemorative NFT Auction to be held from June 15th, 2022 at 18:00 (UTC+8) to June 22nd, 2022 at 17:59 (UTC+8) !

The 2nd round NFT auction will feature a wide range of Cosplay Equipment NFTs, from Legend-class NFTs, which will all be one-of-a-kind exclusive items, to SuperRare-class, Rare-class, and Normal-class items.

As we had a number of bids during the 1st NFT Auction, we expect to see many more attendees during the 2nd NFT Auction. And for the first time the auction bidding currency will be in MV instead of USDT, so if you plan on participating in the NFT Auction, please make sure you have MV available in your wallets before the auction period starts.

NFT Auction Round2

The Official GensoKishi NFT Auction Round 2 website here

How to make a bid

The bidding screen is available at the bottom of the auction page. To bid, follow the steps below

  • Select the MV network for your bid (ERC20 or Polygon)
  • Enter the amount of MV you wish to bid
    * Minimum bidding amount is 100MV.
  • After typing in your bidding information, click the “Bid” button and your bidding process will be completed.

* The “Bid” button on the auction page will display once the auction starts on June 15, 2022, from 18:00 (UTC+8).

Cosplay Equipment NFT items

“Cosplay Equipment” is one of the main features of this game.

For example, in an RPG, a swordsman generally fights with a sword in his right hand. However in GensoKishi, by outfitting a “wand” Cosplay Equipment in his right hand, the swordsman can change his appearance to look as if he/she is fighting with a wand.

GensoKishi is a GameFi where players from all around the world are able to communicate and collaborate with each other. We hope that each one of you will go beyond the limitations of RPG roles and customize your character’s appearance to your liking.

Naturally, each Cosplay Equipment has it’s own stats that affect its strength, and some of the rarer Cosplay Equipment also has unique skills.

By combining these Cosplay Equipment with their individual unique skills, you can build your own character that fits your style and to your liking. A warrior that can heal himself? A girl that runs like the speed of lightning?

Yes, the world is what you imagine…

GensoKishi Online -META WORLD- Community

Official Site :

Twitter :

Discord :

LINE :

Telegram（English） :

Telegram（Chinese text） :

Telegram（Japanese） :

YouTube :

GensoKishi Online will continue to provide cryptogame enthusiasts with updates on this project.

 

 

 

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Bitcoin.com Media

Bitcoin.com is the premier source for everything crypto-related.
Contact ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.

Image Credits: Shutterstock, Pixabay, Wiki Commons

(function(d, s, id) {
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src=”
fjs.parentNode.insertBefore(js, fjs);
}(document, ‘script’, ‘facebook-jssdk’));



Source link

Circle, The Company Behind The USDC Stablecoin, Announces Euro Coin

Circle, The Company Behind The USDC Stablecoin, Announces Euro Coin

Does the world need Euro Coin? There are already stablecoins pegged to the Euro in the market. The difference here, however, is Circle. As the issuer of the well-regarded USDC, they have the reputation, the know-how, and the clientele to make this happen. Even with all of those advantages, it’s the market that will decide if the world needs Euro Coin.

Related Reading | Crypto Investors Find Safety In Stablecoins, Bitcoin, Ditch Altcoins En Masse

On the project’s page, they describe it as, “Euro Coin (EUROC) is issued by Circle under the same full-reserve model as USD Coin (USDC), a trusted dollar digital currency with more than $54 billion in circulation.” At first, Euro Coin will exist on the Ethereum blockchain, it’ll be a traditional ERC-20 already compatible with everything out there.

The Euro Coin will be “100% backed by euros held in euro-denominated banking accounts so that it’s always redeemable 1:1 for euros”. The difference with regular euros is that EUROC will be “available 24/7 and moves at internet speed”. The new stablecoin debuts on June 30th. “Businesses can mint Euro Coin straight from the source by depositing euros into their Circle Account using Silvergate’s Euro SEN network.”

What’s Euro Coin ’s Main Use?

In a recent tweet, Circle CEO Jeremy Allaire summarized the product’s value proposition. “Like USDC, Euro Coin is being issued under a regulated framework for money transmission, under the same statutes that regulate USDC, with full-reserves in Euro, with the same security, liquidity and transparency that the market has come to expect from Circle”. Does it solve a problem, though? Two words: foreign exchange.

Back to the project’s page, Circle promises “multi-currency digital banking and near-instant foreign exchange, where daily volume in traditional markets can top $6.6 trillion globally.” As we read a while ago in the Bitcoinist Book Club, “The Bitcoin Standard” explains how that huge market emerges just to solve “the age-old problem of lack of coincidence of wants.” As explained by Saifedean Ammous, the process goes like this:

“The seller does not want the currency held by the buyer, and so the buyer must purchase another currency first, and incur conversion costs. As advances in transportation and telecommunications continue to increase global economic integration, the cost of these inefficiencies just keeps getting bigger. The market for foreign exchange, at $5 trillion of daily volume, exists purely as a result of this inefficiency of the absence of a single global homogeneous international currency.”

As Circle’s numbers show, since the book’s publication the foreign exchange market kept growing. And since we’re far from living in a bitcoin standard, with a “single global homogeneous international currency,” the foreign exchange will keep growing. And that’s where Euro Coin comes in. 

ETH price chart for 06/16/2022 on Kraken | Source: ETH/USD on TradingView.com

The New Stablecoin’s Characteristics

  • Where will the money that backs the operation be? “Circle will hold euros in euro-denominated banking accounts at leading financial institutions, beginning with Silvergate Bank in the U.S.”

Related Reading | Crypto Company Circle Seeks To Become Global Digital Currency Bank

  • “Businesses can use a free Circle Account to mint and redeem Euro Coin at no additional cost”. Circle can afford to treat businesses like that because they’re that big and established. 
  • Circle will audit the Euro Coin. “Grant Thornton LLP will be issuing monthly attestations of Euro Coin reserves, starting with an attestation for the month of July 2022. Circle will publish the attestation reports on this webpage, with July’s report being available to view online by the end of August 2022.”

It’s also worth noting that the main criticism the project received was because they choose Ethereum to start with. However, Circle promises the Euro Coin in other blockchains soon. And considering that USDC exists in every smart contract-enabled blockchain under the sun, there’s no reason not to believe them.

Featured Image: Screenshot from Circle's website  | Charts by TradingView



Source link

Liquidity provider asks platforms to freeze 3AC funds to recover assets after litigation

Liquidity provider asks platforms to freeze 3AC funds to recover assets after litigation

Danny Yuan, the CEO of trading firm 8 Blocks Capital, called out to platforms that are holding funds owned by 3AC to freeze the assets, as rumors of 3AC’s insolvency stay afloat. 

In a Twitter thread, Yuan explained their company’s involvement with 3AC, noting that they are paying the company to use the trading accounts that they own. The agreement included the ability to withdraw funds at any given time. He explained that:

“We had known them since 2018, thought they were competent and didn’t think they were degen enough to lose billions and not employ basic risk management.”

According to Yuan, there were no problems until June 13, when 8 Blocks Capital requested a big withdrawal because of the market’s conditions. The trading firm’s CEO said that there was no response from 3AC. “After a while, the market stabilized so we no longer needed the funds. We thought maybe they were just busy,” he wrote.

However, things started to turn sour when 8 Blocks Capital detected through a script that $1 million was missing from their accounts with 3AC. Yuan said that reached out to 3AC’s co-founder Kyle Davies and their team to inquire about the missing funds. However, they did not get a response.

Related: DeFi contagion fears and rumors of Celsius and 3AC insolvency could weigh on NEXO price

Because rumors of 3AC’s insolvency are circulating online, Yuan noted that they announced what they know about the issue to gauge the extent of the situation. After that, Yuan said that they were contacted by those who have relationships with 3AC like their firm. Through this, Yuan claims that they found out more about 3AC’s situation. Yuan tweeted:

Yuan also highlighted that 3AC still has many assets held on various platforms, which he did not name. Because of this, Yuan publicly asked those platforms to freeze the funds of 3AC so that the firm can pay back its debts after legal proceedings in the future. 



Source link

Integritee (TEER) Trading Starts June 16 – Deposit Now

Integritee (TEER) Trading Starts June 16 – Deposit Now

We’re thrilled to announce that Kraken now supports Integritee (TEER)!

Funding and Trading

You can add TEER to your Kraken account by navigating to Funding, selecting the asset, and hitting Deposit. Clients that used Kraken to participate in the Parachain auction bid of these networks have now received their auction reward. Trading for both assets will begin June 16.

What is Integritee (TEER)?

The Integritee platform enables companies and developers to process sensitive data while staying compliant with GDPR and other privacy regulations. It combines the trust of Polkadot, the scalability of sidechains and the confidentiality of Trusted Execution Environment (TEE) hardware, allowing firms to query information without accessing the underlying dataset. Holders of TEER tokens may pay for fees within the Integritee network and participate in the parachain governance process.

Here’s what you need to know:

Ticker TEER
Tradeable against EUR, USD
Price precision 4 decimal places
Deposit confirmations required 20 (5 minutes)
Not available in United States, Canada, Japan
Services available Kraken, the Kraken Pro interface

Keep an eye on the status page for updates.

Note:

  • Trading via Kraken App and Instant Buy will be available once the liquidity conditions are met (when a sufficient number of buyers and sellers have entered the market for their orders to be efficiently matched).

Will Kraken list more assets?

Yes! But our policy is to never reveal any details until shortly before launch – not even which assets we are considering. All of Kraken’s listed tokens are available on our website, and all future tokens will be announced on Kraken’s blog and social media profiles. Our client engagement specialists cannot answer any questions about which assets we may be listing in the future. 

Trade with caution

There is no guarantee that a limit order will execute. There is also no guarantee of executing at a certain price for a market order. The availability and liquidity of the particular digital asset will impact these types of orders.

Listing an asset or token for trade is not a recommendation to buy, sell, or participate in the associated network. Do your own research and invest at your own risk.

 

These materials are for general information purposes only and are not investment advice or a recommendation or solicitation to buy, sell, or hold any digital asset or to engage in any specific trading strategy. Some crypto products and markets are unregulated, and you may not be protected by government compensation and/or regulatory protection schemes. The unpredictable nature of the cryptoasset markets can lead to loss of funds. Tax may be payable on any return and/or on any increase in the value of your crypto assets and you should seek independent advice on your taxation position.



Source link

Elon Musk, Tesla, Spacex Facing $258 Billion Lawsuit for Promoting Dogecoin – Featured Bitcoin News

Elon Musk, Tesla, Spacex Facing $258 Billion Lawsuit for Promoting Dogecoin – Featured Bitcoin News

Elon Musk, Tesla, and Spacex are being sued for $258 billion over claims that they “are engaged in a crypto pyramid scheme (aka Ponzi scheme) by way of dogecoin cryptocurrency.” The lawsuit states that Musk and his companies “falsely and deceptively claim that dogecoin is a legitimate investment when it has no value at all.”

Lawsuit Filed Against Elon Musk, Spacex, Tesla Over Dogecoin

Dogecoin investor Keith Johnson filed a class-action lawsuit against Elon Musk and his companies, Tesla and Spacex, Thursday in federal court in Manhattan, Bloomberg reported.

The lawsuit states:

Defendants Elon Musk, Spacex, and Tesla Inc. are engaged in a crypto pyramid scheme (aka Ponzi scheme) by way of dogecoin cryptocurrency.

The plaintiff argued that DOGE is “simply a fraud whereby ‘greater fools’ are deceived into buying the coin at a higher price.”

According to the court document, Johnson is an American citizen who said he was “defrauded out of money by defendants’ dogecoin crypto pyramid scheme.” He claimed that Musk, Tesla, and Spacex constitute an illegal racketeering enterprise to inflate dogecoin’s price.

The complaint describes:

Defendants falsely and deceptively claim that dogecoin is a legitimate investment when it has no value at all.

“Since defendant Musk and his corporations Spacex and Tesla Inc. began purchasing, developing, promoting, supporting, and operating dogecoin in 2019, [the] plaintiff and the class have lost approximately $86 billion in this crypto pyramid scheme,” the court document details.

Johnson is seeking to represent a class of crypto investors who have lost money trading in dogecoin since April 2019.

He is asking for $86 billion in damages and triple damages of $172 billion. In addition, he is seeking an order blocking Musk, Spacex, and Tesla from promoting dogecoin, and declaring that DOGE trading constitutes gambling under U.S. and New York law.

The Tesla CEO has been promoting dogecoin on Twitter. He said the meme cryptocurrency has potential as a currency, calling it the people’s crypto.

In May, he said Spacex will soon accept DOGE for merchandise and Starlink subscriptions could follow. Tesla already accepts the meme coin for some merchandise. Musk has also discussed allowing payments in dogecoin for some Twitter services if he becomes the owner of the social media platform.

What do you think about this lawsuit against Elon Musk, Spacex, and Tesla over dogecoin? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

(function(d, s, id) {
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src=”
fjs.parentNode.insertBefore(js, fjs);
}(document, ‘script’, ‘facebook-jssdk’));



Source link

Bitcoin Bounces Back Before Hitting 2017 Peak, Is The Bottom In?

Bitcoin Bounces Back Before Hitting 2017 Peak, Is The Bottom In?

The price of bitcoin had dropped dangerously close to the 2017 cycle peak on Wednesday. It was a brutal decline for investors who watched their BTC portfolios incur losses after losses. Speculations were rampant in the space on what a touch below $20,000 would have meant for the market. The implications were abundant in their impact but the recovery back above $21,000 has staved off the bears, if only for a little while.

Is The Bitcoin Bottom In?

After the market recovery on Wednesday, it has become apparent that there has been some intervention in the market crash. With bitcoin in the $20,000 level, many had resigned to the fate that there would be no respite until the 2017 high levels were broken. If this had happened, it would have marked a first-of-its-kind event in the history of bitcoin where the digital asset had always managed to never trade below previous cycle peaks. 

Related Reading | Bitcoin Crash Sends Institutional Investors Running For The Hills

As such, significant support forming right above $20,000 has restored some hope in the market that this would be the bottom. So far, this theory has managed to hold as bitcoin has turned back into the green for the first time since the crash began.

More importantly, though is the fact that the recovery has not been significant by any measure. The digital asset still remains well below its 20-day moving average, a sign that bears can easily take hold once more. 

BTC decline triggers fear of hitting previous cycle peak | Source: BTCUSD on TradingView.com

However, bitcoin is said to be at oversold levels. So, the market expects to see fatigue in the sell-offs that have been rocking the digital asset. A slowdown would definitely be good for bitcoin but it would need to see more recovery to ensure this.

Implications Of Falling Below $20,000

The $20,000 level is important for bitcoin to hold for a number of reasons. One of the most major of these are the MicroStrategy bitcoin-backed loans. The way these loans are structured leave open a margin call opportunity if BTC to fall below its previous peak cycle. And although CEO Michael Saylor has assured the market that the firm has more collateral to put towards its loan to avoid a margin call disaster, it remains a very real possibility.

Related Reading | Double-Digits Losses Are The Order Of The Day As Bitcoin Declines To $20,000

Another implication is the Celsius liquidity levels. Now, the first is said to have paid off some of its loans which had pushed its liquidation price back to $14,000 but a break below $20,000 shows no significant support and would quickly see the lending protocol liquidated.

Last but not least is the fact that bitcoin at $20,000 represents an important technical and psychological level. Given that the majority of BTC-denominated open interest are all at the $20,000 level, a break below this would see renewed sell-offs from investors. 

The only major support after this level is at $16,000, after which, it falls to $14,000, the Celsius liquidation price. However, if bitcoin is able to recover above $25,000 by the end of the week, a test of the $29,000 resistance point would quickly follow.

Featured image from Listverse, chart from TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…



Source link

Circle launches euro-backed stablecoin EUROC

Circle launches euro-backed stablecoin EUROC

USD Coin (USDC) issuer Circle Internet Financial is launching a fully-reserved stablecoin pegged to the euro, signaling to the market that demand for crypto foreign exchange services remains high despite recent industry turmoil. 

Euro Coin, or EUROC, will be available for trading on June 30, Circle said Thursday in a statement that was shared with Cointelegraph. Like USDC, Euro Coin is a regulated stablecoin that is fully backed by reserves — in this case, the euro. That means every EUROC token in circulation will have an equivalent euro-denominated reserve held in custody at financial institutions regulated by the United States. 

Silvergate Bank, a crypto-friendly financial institution, was listed as the initial custodian for the euro-pegged stablecoin.

EUROC stablecoin gives businesses wider access to euro liquidity, which can be used for payments, trading, lending and borrowing. The stablecoin will initially launch on the Ethereum blockchain as an ERC-20 standard token.

In terms of foreign exchange turnover, the euro is the second largest fiat currency in the world, according to the Bank for International Settlement (BIS). The BIS’ 2019 Triennial Central Bank Survey found that the euro was on one side of 32% of all currency trades.

Related: Crypto Biz: Stablecoins are paving the way for mass adoption of crypto, June 2–8

Launched in 1999, the euro is the common currency of the 19-member Eurozone. Its dominance as a trading pair is further reflected in the United States Dollar Index, or DXY, where it holds a 57.6% weighting.

Stablecoins were initially conceived as a way to give crypto traders access to liquidity due to banking restrictions on digital assets. However, their utility has expanded significantly over the years. Stablecoins now serve the unbanked and underbanked populations, as well as users in countries where access to dollars is restricted due to capital controls or sanctions. As Cointelegraph reported, Circle recently launched dedicated business accounts for USDC transactions, underscoring the growing demand for stablecoin payments among enterprises.

The global stablecoin market is presently worth more than $157.5 billion, according to CoinMarketCap. The market cap of USDC stands at $54.2 billion.



Source link

Consumer Interest in Crypto Remains Strong – Featured Bitcoin News

Consumer Interest in Crypto Remains Strong – Featured Bitcoin News

Bank of America’s new report explains that “despite the sharp correction in crypto valuations, consumer interest in the sector remains strong.” The report, which includes the bank’s new crypto survey, also shows “growing interest” in cryptocurrency’s use as a means of payment.

Bank of America’s Inaugural Crypto Survey

Bank of America Global Research published a report Monday highlighting the results of its “inaugural crypto/digital asset survey,” which took place early this month.

Out of 1,013 survey respondents who identified themselves as current or prospective crypto/digital asset investors, 58% said they currently own crypto or digital assets. The other 42% said they do not own crypto presently but plan to buy some in the next six months.

In the report, which Bank of America shared with Bitcoin.com News, the research team wrote:

Overall, our findings suggest that despite the sharp correction in crypto valuations, consumer interest in the sector remains strong.

According to the survey results, “91% of respondents expect to buy crypto / digital assets in the next 6 months, the same percentage who said they bought in the last 6 months,” the report details.

Furthermore, 30% of respondents indicated that they do not plan to sell any of their crypto holdings over the next six months.

The survey also shows “growing interest” in crypto’s use as a payment method. “Interestingly, 39% and 34% of respondents reported using crypto / digital assets as a payment method to make online or in-person purchases, respectively,” the report describes, noting:

Additionally, 49% and 53% of respondents expressed interest in using crypto / digital assets to make either online or in-person purchases, respectively.

Moreover, the survey includes questions about non-fungible tokens (NFTs). Amongst digital asset owners who responded, 38% revealed they also owned an NFT, with over 50% of respondents saying they plan to buy NFTs over the next few months.

Popular Cryptocurrencies Among Respondents

Survey participants were also asked about which cryptocurrencies they invest in. The report describes:

The most commonly owned crypto / digital assets were, unsurprisingly, bitcoin and ethereum at 75% and 44% of respondents.

Moreover, 26% of respondents said they owned meme cryptocurrencies, like dogecoin (DOGE) and shiba inu (SHIB).

A further 12% said they owned stablecoins, such as tether (USDT), usd coin (USDC), and terrausd (UST). Other popular cryptocurrencies among respondents were terra (8%), cardano (8%), solana (8%), XRP (6%), and avalanche (5%).

Cryptocurrency terra (LUNA) and algorithmic stablecoin terrausd (UST) collapsed in early May. Their controversial implosion has prompted regulators in various countries to investigate the collapse and call for the urgent regulation of stablecoins.

What do you think about the findings from this Bank of America survey? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

(function(d, s, id) {
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src=”
fjs.parentNode.insertBefore(js, fjs);
}(document, ‘script’, ‘facebook-jssdk’));



Source link

Shiba Inu Ranks No. 1 In List Of Coins Americans Want To Sell, Survey Shows

Shiba Inu Ranks No. 1 In List Of Coins Americans Want To Sell, Survey Shows

Dog-themed coin Shiba Inu never fails to make noise. With the gripping crypto market crash happening, majority of American investors have hit the panic button and consider selling their digital assets – at which SHIB happens to top the list.

Different states in the US such as New York, Florida, Tennessee, and Nevada are looking for many ways to sell their SHIB.

The “king” of cryptocurrencies, Bitcoin, is trying to hold on to dear life and stay above the critical level of $20K. Many investors in over 17 US states that comprise Illinois, Oregon, Pennsylvania, and Kansas have expressed desire to sell BTC.

Suggested Reading | Bitcoin At $20K Could Be ‘New Bottom,’ Commodity Expert Suggests, And Here’s Why

Google Trends: Shiba Inu Most In-Demand Digital Asset

The stats were derived from a study using Google Trends that compare the two digital assets using keywords or phrases such as “Sell Shiba Inu” and “Sell Dogecoin.”

The study provides crucial insights on what cryptocurrency do most investors sell and information as to where these cryptocurrencies are sold in the United States. Shiba Inu appears to be the most popular crypto being sold online. These insights are relevant because it can impact current and future prices.

The list is led by the two meme coins, SHIB and DOGE which are both very popular and in-demand assets.

Dogecoin currently is in the third place, with investors coming from eight major states like North Carolina. In other states, Cardano and Ethereum also were most vetted with investors coming from three to four states who wanted to sell the tokens.

BTC total market cap at $4.35 billion on the daily chart | Source: TradingView.com

There was a time this year wherein DOGE surpassed SHIB in terms of the most-searched-for token category in all 23 states in the United States. DOGE ranked third while the most popular meme coin, SHIB was in the fourth spot.

Investor Interest For Meme Coins

It seems that investor interest has waned a bit when it comes to meme coins. Critics would contend that the meme coins’ popularity and value is all based on hype and can be unreliable.

More so, critics also mentioned that these meme coins don’t have much utility. However, this seems to be untrue because there are some uses seen for payments.

Suggested Reading | Ethereum Drops Below $950 On Uniswap Overnight – Here’s Why

With the current perplexing state of the crypto economy, more Americans find it an urgent need to sell digital assets.

SHIB price has increased to as much as 14% in just one hour and 25 minutes. Bitcoin value improved as well as it spiraled way up to $22,340, following U.S. Federal Reserve Chairman Jerome Powell’s statement that huge rate hikes may not be common which did alleviate investor worries.

Shiba Inu, the leading meme coin, remains to rank as the 17th largest cryptocurrency as of this writing.

Featured image from Cointribune, chart from TradingView.com



Source link

Metaverse could be worth $5 trillion by 2030: McKinsey report

Metaverse could be worth $5 trillion by 2030: McKinsey report

Global spending in the metaverse could reach $5 trillion by 2030, according to a new report from international consulting firm McKinsey & Company. 

Published yesterday, the 77-page report titled “Value Creation in the Metaverse” analyzed current adoption trends and drew additional insight from two global surveys; one gathered data from 3,104 consumers across 11 countries, while the other polled a range of executives from 448 companies across 15 industries in 10 different countries.

McKinsey used this data to predict that the future of consumer behavior in the metaverse will most likely be divided into five primary activities: gaming, socializing, fitness, commerce and remote learning.

McKinsey found that nearly 60% of all consumers surveyed prefer at least one activity in the virtual world compared to its physical alternative, and 79% of consumers that are currently active in the metaverse have already made a purchase.

E-commerce will be the primary cash cow in the metaverse, with McKinsey predicting it to make up anywhere from $2 trillion to $2.6 trillion of all spending by 2030. Virtual advertising will be another major sector, with associated revenue expected to make up another $144 billion to $206 billion.

Flying in the face of the current pessimism in the conventional crypto market, the report highlights that in the first five months of this year, more than $120 billion has already been invested into metaverse-related technology and infrastructure — more than double the total $57 billion invested in metaverse tech throughout the entirety of 2021.

In an associated blog post, the lead authors of the report and McKinsey senior partners, Lareina Yee and Eric Hazan, gave additional comments on their research.

“What’s exciting is that the metaverse, like the internet, is the next platform on which we can work, live, connect, and collaborate.”

Speaking about the response from executives, Yee added, “Executives often don’t agree on very much, but our research shows they overwhelmingly agree on one thing: 95% of them believe the metaverse will have a positive impact on their industry.”

The report added that 25% of all executives said they expect the metaverse to drive 15% of their organization’s total margin growth in five years and nearly a third of them believe that the metaverse can bring significant change in how their industry operates.

Despite the overall enthusiasm, there was still a healthy dose of skepticism, with 31% of all executives remaining somewhat uncertain about the return on investment of metaverse experiences.

Related: 71% of high net worth individuals have invested in digital assets: Survey

While brands should be excited about the opportunities awaiting them in the metaverse, they should also be ready to face challenges head on and do some serious planning, said Hazan.

“There are urgent challenges that need to be considered. For one, there’s going to be a need to reskill part of the workforce to take advantage of, rather than compete with, the metaverse. Stakeholders will need to build a roadmap to make sure the metaverse experience is ethical, safe and inclusive.”

Yee wrapped up her commentary by re-emphasizing that the metaverse is still very much a dynamic and evolving space. She said that individual creators and big brands alike need to embrace a long-term mindset if they want to be successful in the future of the metaverse.



Source link